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Dow and out?

Lower sales from IBM and fears of a slow down hit the valuations of tech stocks and took the Dow down by over 400 points at the opening on Wednesday while the Nasdaq flirted with the 3,000 levels.

Is this the end of the tech era characterised by high valuations? Or is it the beginning of a new, renewed bull market as investors flock back to the high growth tech stories and use these low prices as an opportunity to buy?

Chances are that the fear factor will overpower the greed factor. Share prices will continue to slide as investors rush to book marginal profits on their tech investments (they used to be bumper profits a few months ago) and prefer to wait on the sidelines till the fear subsides. A rush of selling and no buyers will push prices lower. The Dow and the Nasdaq may or may not snap back from their day lows, but the Indian market is likely to open lower on Thursday. Investors better brace themselves for another red-ink day.

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